Scottish parents amongst most generous when it comes to pocket money

Diane King

Parents in Scotland are amongst the most generous in the UK when it comes to pocket money, research has revealed.

Only children in London (£8.21) receive more on average each week than those in Scotland (£7.06).

However, Scottish parents are actually tightening the purse strings, with the average down nearly three per cent on the equivalent in 2015.

Across the UK, pocket money has hit a nine-year high with an extra 35p per week going into children’s piggy banks, according to the annual pocket money survey by the Halifax.

Children aged between eight and 15 have seen their weekly allowance go up to £6.55 per week - a 6 per cent rise from the £6.20 in 2015.

As well as being the first rise since 2013, the new pocket money level is the highest since 2007 - the year the financial crisis began.

However, despite the rise, four in 10 children are unhappy with their lot with almost a quarter (23 per cent) saying their friends are better ‘paid’.

And according to the survey, boys receive 77p more than girls per week - an average of £6.93 a week versus the £6.16 girls get.

The building society will also be pleased at at the savings habits of the nation’s youngsters. Some 79 per cent of those questioned are saving cash, compared with 70 per cent in 2015, with 12 per cent saving all of their pocket money.

90 per cent of parents said that they encourage their offspring to save some of their cash.

The average pocket money amounts by region, with percentage change on 2015: